International Financial Integration through Equity Markets : Which Firms from Which Countries Go Global?
The authors study international financial integration analyzing firms from various countries raising capital, trading equity, and cross-listing in major world stock markets. Using a large sample of 39,517 firms from 111 countries covering the perio...
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| Format: | Policy Research Working Paper |
| Language: | English |
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World Bank, Washington, DC
2012
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| Online Access: | http://documents.worldbank.org/curated/en/2007/03/7408859/international-financial-integration-through-equity-markets-firms-countries-global-international-financial-integration-through-equity-markets-firms-countries-global http://hdl.handle.net/10986/7166 |
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okr-10986-71662021-04-23T14:02:33Z International Financial Integration through Equity Markets : Which Firms from Which Countries Go Global? Claessens, Stijn Schmukler, Sergio L. ACCESS TO CAPITAL MARKETS ASSETS BONDS BOOK VALUE CAPITAL FLIGHT CAPITAL MARKETS CORPORATE GOVERNANCE CORPORATIONS COST OF CAPITAL DEBT DISCLOSURE DIVERSIFICATION DOMESTIC MARKET DOMESTIC MARKETS EQUITY CAPITAL EXPORTS EXTERNAL FINANCING FINANCIAL MARKET FINANCIAL MARKETS FIRM SIZE FIRMS FIXED COSTS FOREIGN COMPANIES FOREIGN INVESTORS FOREIGN SALES GDP GDP PER CAPITA GOING PUBLIC INCOME INCOME GROUPS INCOME LEVELS INFLATION INFLATION RATES INTERNATIONAL CAPITAL MARKETS INTERNATIONAL FIRMS INTERNATIONAL INVESTORS INTERNATIONAL MARKETS INVESTMENT DECISIONS INVESTOR PROTECTION LIQUIDITY MACROECONOMIC CONDITIONS MACROECONOMIC MANAGEMENT MACROECONOMIC POLICIES MARKET DEVELOPMENT MARKET INTEGRATION MARKET LIBERALIZATION MINORITY SHAREHOLDERS NASDAQ NYSE OPEN ECONOMIES RATES OF RETURN RETAINED EARNINGS SALES SHAREHOLDERS SPREAD STATEMENTS STOCKS SUPPLIERS SURPLUS SURPLUSES TOTAL MARKET CAPITALIZATION TOTAL SALES TURNOVER The authors study international financial integration analyzing firms from various countries raising capital, trading equity, and cross-listing in major world stock markets. Using a large sample of 39,517 firms from 111 countries covering the period 1989-2000, they find that, although international financial integration increases substantially over this period, only relatively few countries and firms actively participate in international markets. Firms more likely to internationalize are from larger and more open economies, with higher income, better macroeconomic policies, and worse institutional environments. These firms tend to be larger, grow faster, and have higher returns and more foreign sales. While changes occur with internationalization, these firm attributes are present before internationalization takes place. The results suggest that international financial integration will likely remain constrained by country and firm characteristics. 2012-06-05T19:16:36Z 2012-06-05T19:16:36Z 2007-03 http://documents.worldbank.org/curated/en/2007/03/7408859/international-financial-integration-through-equity-markets-firms-countries-global-international-financial-integration-through-equity-markets-firms-countries-global http://hdl.handle.net/10986/7166 English Policy Research Working Paper; No. 4146 CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo/ World Bank World Bank, Washington, DC Publications & Research :: Policy Research Working Paper Publications & Research |
| repository_type |
Digital Repository |
| institution_category |
Foreign Institution |
| institution |
Digital Repositories |
| building |
World Bank Open Knowledge Repository |
| collection |
World Bank |
| language |
English |
| topic |
ACCESS TO CAPITAL MARKETS ASSETS BONDS BOOK VALUE CAPITAL FLIGHT CAPITAL MARKETS CORPORATE GOVERNANCE CORPORATIONS COST OF CAPITAL DEBT DISCLOSURE DIVERSIFICATION DOMESTIC MARKET DOMESTIC MARKETS EQUITY CAPITAL EXPORTS EXTERNAL FINANCING FINANCIAL MARKET FINANCIAL MARKETS FIRM SIZE FIRMS FIXED COSTS FOREIGN COMPANIES FOREIGN INVESTORS FOREIGN SALES GDP GDP PER CAPITA GOING PUBLIC INCOME INCOME GROUPS INCOME LEVELS INFLATION INFLATION RATES INTERNATIONAL CAPITAL MARKETS INTERNATIONAL FIRMS INTERNATIONAL INVESTORS INTERNATIONAL MARKETS INVESTMENT DECISIONS INVESTOR PROTECTION LIQUIDITY MACROECONOMIC CONDITIONS MACROECONOMIC MANAGEMENT MACROECONOMIC POLICIES MARKET DEVELOPMENT MARKET INTEGRATION MARKET LIBERALIZATION MINORITY SHAREHOLDERS NASDAQ NYSE OPEN ECONOMIES RATES OF RETURN RETAINED EARNINGS SALES SHAREHOLDERS SPREAD STATEMENTS STOCKS SUPPLIERS SURPLUS SURPLUSES TOTAL MARKET CAPITALIZATION TOTAL SALES TURNOVER |
| spellingShingle |
ACCESS TO CAPITAL MARKETS ASSETS BONDS BOOK VALUE CAPITAL FLIGHT CAPITAL MARKETS CORPORATE GOVERNANCE CORPORATIONS COST OF CAPITAL DEBT DISCLOSURE DIVERSIFICATION DOMESTIC MARKET DOMESTIC MARKETS EQUITY CAPITAL EXPORTS EXTERNAL FINANCING FINANCIAL MARKET FINANCIAL MARKETS FIRM SIZE FIRMS FIXED COSTS FOREIGN COMPANIES FOREIGN INVESTORS FOREIGN SALES GDP GDP PER CAPITA GOING PUBLIC INCOME INCOME GROUPS INCOME LEVELS INFLATION INFLATION RATES INTERNATIONAL CAPITAL MARKETS INTERNATIONAL FIRMS INTERNATIONAL INVESTORS INTERNATIONAL MARKETS INVESTMENT DECISIONS INVESTOR PROTECTION LIQUIDITY MACROECONOMIC CONDITIONS MACROECONOMIC MANAGEMENT MACROECONOMIC POLICIES MARKET DEVELOPMENT MARKET INTEGRATION MARKET LIBERALIZATION MINORITY SHAREHOLDERS NASDAQ NYSE OPEN ECONOMIES RATES OF RETURN RETAINED EARNINGS SALES SHAREHOLDERS SPREAD STATEMENTS STOCKS SUPPLIERS SURPLUS SURPLUSES TOTAL MARKET CAPITALIZATION TOTAL SALES TURNOVER Claessens, Stijn Schmukler, Sergio L. International Financial Integration through Equity Markets : Which Firms from Which Countries Go Global? |
| relation |
Policy Research Working Paper; No. 4146 |
| description |
The authors study international
financial integration analyzing firms from various countries
raising capital, trading equity, and cross-listing in major
world stock markets. Using a large sample of 39,517 firms
from 111 countries covering the period 1989-2000, they find
that, although international financial integration increases
substantially over this period, only relatively few
countries and firms actively participate in international
markets. Firms more likely to internationalize are from
larger and more open economies, with higher income, better
macroeconomic policies, and worse institutional
environments. These firms tend to be larger, grow faster,
and have higher returns and more foreign sales. While
changes occur with internationalization, these firm
attributes are present before internationalization takes
place. The results suggest that international financial
integration will likely remain constrained by country and
firm characteristics. |
| format |
Publications & Research :: Policy Research Working Paper |
| author |
Claessens, Stijn Schmukler, Sergio L. |
| author_facet |
Claessens, Stijn Schmukler, Sergio L. |
| author_sort |
Claessens, Stijn |
| title |
International Financial Integration through Equity Markets : Which Firms from Which Countries Go Global? |
| title_short |
International Financial Integration through Equity Markets : Which Firms from Which Countries Go Global? |
| title_full |
International Financial Integration through Equity Markets : Which Firms from Which Countries Go Global? |
| title_fullStr |
International Financial Integration through Equity Markets : Which Firms from Which Countries Go Global? |
| title_full_unstemmed |
International Financial Integration through Equity Markets : Which Firms from Which Countries Go Global? |
| title_sort |
international financial integration through equity markets : which firms from which countries go global? |
| publisher |
World Bank, Washington, DC |
| publishDate |
2012 |
| url |
http://documents.worldbank.org/curated/en/2007/03/7408859/international-financial-integration-through-equity-markets-firms-countries-global-international-financial-integration-through-equity-markets-firms-countries-global http://hdl.handle.net/10986/7166 |
| _version_ |
1764401540981850112 |